China's BYD opens EV factory in Thailand, first in Southeast Asia

China's BYD opens its first electric vehicle factory in Southeast Asia, a fast-growing regional EV market, in Rayong, Thailand, July 4, 2024.opened an electric vehicle plant in Thailand on Thursday, the automaker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the

Hong Kong-listed shares of BYD , the world's largest EV maker, climbed 1.6% to HK$235, after hitting their highest levels in a week. By 2030, the country aims to convert 30% of its annual production of 2.5 million vehicles into EVs, according to a government plan. Set to launch operations in three years, the BYD facility will produce EVs and plug-in hybrids for the European market, where the European Commission isThe right-hand-drive EVs manufactured at the plant will potentially allow BYD to circumvent EU tariffs, which are applicable to China-made vehicles.

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